Solana‘s price has maintained support above $120 as United States spot Solana exchange traded funds (ETFs) reported their strongest weekly net inflows since launch. This fresh backing comes as the SOL token approaches a key resistance level at $125.
Institutional inflows and ecosystem growth
SOL traded near $120 on September 30, according to CoinGecko data, showing little movement over the prior 24 hours but registering a 4% gain over the past week. The token rebounded from a weekly low of $113 and touched $124.5 on September 27, before consolidating below the $120 level and recovering again.
Institutional demand has been a crucial driver of this momentum. SoSoValue reported that US spot Solana ETFs attracted a combined $188 million in net inflows over the five trading days through September 25. These ETF products offer investors exposure to Solana without directly holding the asset, often leading to increased demand for the underlying token.
The influx of capital coincides with progress on Alpenglow, one of the blockchain’s largest upcoming upgrades. Alpenglow is currently operating on Solana’s public devnet and testnet environments, which allow developers to test new applications and network changes before they are released on the mainnet.
The upgrade aims to replace the current TowerBFT consensus with a new system called Votor, targeting a dramatic reduction in transaction finality time from roughly 12.8 seconds to just 150 milliseconds.
Mini dictionary: Alpenglow, a major planned upgrade for the Solana network, introduces the Votor consensus system, designed to reduce transaction finality time and improve overall network speed.
No date has been set for mainnet deployment, and the 150 millisecond finality target has not yet been achieved in real trading conditions. Developers emphasize that ongoing testnet activity remains vital to ensure the upgrade delivers as intended.
Meanwhile, liquidity inside the Solana ecosystem is rising. The stablecoin supply on the Solana network reached a record $17.3 billion on September 25, surpassing August’s previous peak by $600 million. According to DefiLlama data, Solana stands as the third-largest blockchain by stablecoin supply, following Ethereum and Tron.
USDC accounted for approximately $8.4 billion of the total stablecoin holdings on Solana. The number of wallets holding USDC increased from 8.1 million in early August to more than 9.3 million by late September.
| Metric | August 2026 | September 25, 2026 |
|---|---|---|
| Stablecoin Supply | $16.7 billion | $17.3 billion |
| USDC Held | Not specified | $8.4 billion |
| Wallets with USDC | 8.1 million | 9.3 million |
ETF inflows, ongoing technical upgrades, and expanding stablecoin balances are supporting SOL as it hovers close to its recent highs since the latest rally began.
Technical outlook: Key levels and momentum indicators
SOL’s daily chart displays a recovery from the $72 to $75 region in August to above $120. The price has set higher highs and higher lows since mid-August, yet stalled below $125, its resistance area from late September.
The Elder Force Index (EFI) remains positive and recently recorded a value of 4.38 million, higher than the central value of 3.17 million but below peaks above 7 million reached during the rally’s strongest phase.
Positive readings for key technical indicators such as the Elder Force Index point to continued buyer interest, though the pullback from recent highs suggests momentum has weakened compared to previous surges.
The nine-day Rate of Change (ROC) stands at 1.75%, indicating SOL trades above its level from nine days earlier, but this reflects a decline from previous highs above 20% earlier in September.
Holding above $120 and a positive ROC support the upward trend; however, a fall below zero in ROC or a drop under the $116 to $118 range could signal a shift in short-term momentum.
On the four-hour chart, $124.95 marks the breakout level, corresponding with the upper edge of the 20-period Donchian Channel. SOL currently trades near $121.11, slightly above the channel midpoint of $120.64 and well above the lower boundary at $116.32.
A close above $124.95 to $125 would set SOL above the Donchian Channel’s upper band and the September high, leaving $130 as the next significant price target. If momentum holds, the daily chart highlights further potential towards the $140 to $145 region, where Solana last traded before its steep correction earlier this year.
The Money Flow Index (MFI) has moved back to 55.38 on the 4-hour chart, signaling renewed positive money inflow while leaving room for further gains before reaching overbought levels.
Further confirmation for any breakout would be drawn from MFI crossing 50 with simultaneous strength in the Elder Force Index. If SOL fails to exceed $124.95, the range between $116.32 and $124.95 remains the main zone to watch. A four-hour close below $116.32 would disrupt the recent bullish formation built since late September.
